Bitcoin mining company Bitfarms sells its Latin American business for $30 million, continuing its transition to AI and high-performance computing

According to The Block, Bitcoin mining company Bitfarms Ltd. has agreed to sell its remaining Latin American operations, marking its complete exit from the regional market as the company refocuses its strategic priorities on North America and energy and data center infrastructure related to artificial intelligence and high-performance computing.

The company announced in a press release on Friday that it has reached a final agreement with the Singapore-based crypto infrastructure fund Sympatheia Power Fund, managed by Hawksburn Capital, to sell its 70-megawatt Paso Pe mine in Paraguay for up to $30 million. Under the terms of the deal, Bitfarms will receive $9 million in cash at closing (including a $1 million non-refundable deposit already paid) and up to an additional $21 million over the next 10 months based on post-closing milestone conditions.

Management stated that this sale effectively realizes the expected free cash flow from the mine over the next two to three years. Bitfarms CEO Ben Gagnon noted that the proceeds from the sale will be reallocated to North American high-performance computing and artificial intelligence energy infrastructure starting in 2026, marking the official completion of the company's multi-year plan to scale back its Latin American operations.

This sale fully concentrates Bitfarms' energy asset portfolio in North America, including 341 megawatts of operational capacity, 430 megawatts of capacity under construction in the U.S., and a total of approximately 2.1 gigawatts of long-term project reserves in the region. Bitfarms is continuously transitioning from a geographically dispersed Bitcoin mining business to domestic energy assets in the U.S. that can support artificial intelligence and high-performance computing workloads. The company began signaling its transformation in mid-2025, emphasizing the higher return prospects brought by the growing demand for high-energy data centers, and subsequently announced plans to convert some of its mines into artificial intelligence infrastructure.